Halozyme upgraded at Leerink on lower-than-feared Part B exposure

As previously reported, Leerink upgraded Halozyme (HALO) to Market Perform from Underperform with an unchanged price target of $70 after Halozyme issued a new slide deck, in which the company estimated that only 20% of its ENHANZE partnered product global sales will be generated from Medicare Part B, which is less than the firm had feared. In addition, Halozyme quantified in the slides the cost savings and value it sees from subcutaneous products relative to branded IV product spending, the analyst noted.